$108M financing closed for 13-property self-storage portfolio in the Dallas-Fort Worth Metroplex
JLL Capital Markets led the financing effort on behalf of Hines and Trez Capital
DALLAS, May 14, 2024 - JLL Capital Markets announced today that is has arranged $108 million financing with New York Life Real Estate Investors for a 13-property, self-storage portfolio located throughout the Dallas-Fort Worth Metroplex.
On behalf of the borrower, a joint venture between Hines and Trez Capital, JLL Capital Markets arranged the five-year, fixed-rate loan through New York Life Real Estate Investors, who was able to provide an early rate lock, interest-only payments and prepayment flexibility early in the loan term.
“This transaction marks a key milestone for our self-storage platform, reflecting our strategy to deliver Class A, accessible storage solutions in high barrier markets,” stated Robb DeJean, Managing Director at Hines. “We are excited to expand Hines’ longstanding relationship with New York Life Real Estate Investors and want to thank all parties involved, including JLL who led these efforts.”
"Our strategic partnership with Hines in our self-storage portfolio has yielded a remarkable investment opportunity. Partner selection is critical at Trez Capital, and by leveraging Hines' industry expertise, and the attractive long-term financing provided by New York Life Real Estate Investors, we have delivered exceptional value to our investors with this transaction,” said John Hutchinson, Co-CEO and Global Head of Origination at Trez Capital.
The JLL Capital Markets Debt Advisory team representing Hines included Director John Bauman and Analyst Jordan Buck.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Hines
Hines is a leading global real estate investment manager. We own and operate $93.2 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 65-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of December 31, 2023.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions across North America. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint-ventures; and provides property developers with quick approvals on flexible short- to mid-term financing. With offices throughout North America, Trez Corporate Group has over $5.3* billion CAD in assets under management and has funded over 1,700 transactions totaling more than $18.5 billion CAD since its inception. For more information visit trezcapital.com.
(*As at Q4 2023 Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.